Bursa Malaysia ends lower

KUALA LUMPUR: Bursa Malaysia reversed its gains earlier to end lower yesterday due to continued selling in selected transportation, logistic as well as consumer counters.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 5.01 point or 0.34 per cent to 1,461.45 after opening 2.65 points better at 1,469.11.

Market breadth, however, remained positive with gainers outpacing losers 669 to 384, while 399 counters were unchanged, 677 untraded and 19 others suspended.

Total volume rose to 6.45 billion units worth RM3.30 billion from yesterday’s 5.94 billion shares worth RM3.29 billion.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the FBM KLCI closed 0.34 per cent lower yesterday, remaining below the 1,500 mark.

“Among the 30 FBM KLCI index constituents, Sime Darby was the biggest laggard, recording a loss of 5.24 per cent after being the largest gainer on Monday, while Petronas led gainers with a 2.81 per cent jump.

“Sector-wise, the transportation and logistics index dropped by 3.65 per cent, making it the biggest loser among other sectors on Bursa Malaysia.

“This was due to profit taking after Monday’s jump amid the freeze of courier licence issuance,” he told Bernama.

He said the energy index was the biggest gainer yesterday, propelled by gains from Petronas Dagangan during the day.

Meanwhile, Adam noted that Bank Negara Malaysia’s decision to maintain the overnight policy rate (OPR) at 1.75 per cent at its Monetary Policy Committee meeting following the global economy’s continuous recovery will be good for the ringgit.

Trading in financial indexlinked counters remained in mixed mode, with Maybank easing one sen to RM7.00, Hong Leong Bank erasing six sen to RM14.72 and RHB declining nine sen to RM4.24.

Meanwhile, Public Bank rose four sen to RM14.96, CIMB Group increased five sen to RM2.95 and Hong Leong Financial gained eight sen to RM14.10.

Among the heavyweights, Top Glove deducted seven sen to RM8.32, Hartalega shed eight sen to RM17.76, Petronas Dagangan was 48 sen higher at RM17.58 and Petronas Gas rose six sen to RM15.86.

On the index board, the FBM Emas Index erased 0.24 of-a-point to 10,561.79, the FBMT 100 Index was 12.37 points lower at 10,371.21 and the FBM Emas Shariah Index declined 15.23 points to 12,670.75.

The FBM 70, meanwhile, rose 73.83 points to 13,814.62, the Financial Services Index increased 23.87 points to 11,982.07 and the Plantation Index added 12.88 points to 6,843.38.

Meanwhile, the industrial products and services index added 0.63 of-a-point to 142.28.

The Main Market volume rose to 3.39 billion shares worth RM2.56 billion from Monday’s 3.02 billion shares worth RM2.58 billion.